Business Law News

China tightens currency controls to curb inflows
By ELAINE KURTENBACH AP Business Writer SHANGHAI, China (AP) - China has issued new controls on transfers of foreign currencies, moving to contain inflationary pressures by curbing the speculative inflows, or so-called hot money, that has been flooding into the country in recent years.

Retailers report mixed sales results in July
NEW YORK (AP) - Americans are increasingly shifting their spending to necessities and away from nonessentials like apparel. That has resulted in solid sales gains in July for low-priced operators like Wal-Mart Stores Inc. and sluggish sales for mall-based apparel chains.

Japan Cabinet lowers overall economic assessment
TOKYO (AP) - Japan painted a darker picture of its economic health Thursday, warning of deteriorating exports, output and corporate profits - signals that may point toward a contraction of the world's second largest economy. "The economy is recently weakening," the Cabinet Office said in its monthly economic report for August.

Wal-Mart July same-store sales rise 3 percent
BENTONVILLE, Ark. (AP) - Wal-Mart Stores says its July same-store sales rose 3 percent, slightly less than expectations, as tax-rebate checks dried up and consumers spent closer to their paycheck cycle.

ECB, BoE leave interest rates unchanged
FRANKFURT, Germany (AP) - The European Central Bank has kept its benchmark interest rate unchanged at 4.25 percent even as the 15 countries that use the euro face continued high inflation and fears of slowing growth.

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